Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed

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TL;DR Breakdown

  • Polkadot price analysis is bearish today.
  • Resistance for DOT/USD is present at $34.4.
  • Support for DOT/USD is present at $32.

The Polkadot price analysis is bearish today. DOT/USD hasn’t found support yet, as the support at $33.9 has already crashed under selling pressure. However, DOT got some support around $33, but the downtrend has again begun as the bears have taken over control over the price function again. It is expected the DOT will continue to lose value today before recovering in the next trading session.

Overall the cryptocurrency market has observed negative sentiment with a bearish trend being followed by most coins, including the Bitcoin and Ethereum reporting losses from one percent to six percent mostly, with some coins reporting losses up to 11 percent today.

DOT/USD 1-day price chart: Bullish efforts declined

The 1-day price chart shows the price has decreased considerably today, and Overall DOT has been following a downtrend since 9th November, when the coin started to step down from the $53 level and has reached $33.7 at the time of writing today. The DOT/USD traded in a range of $35 to $32.8 today. The crypto pair reports a loss of more than six percent over the last 24 hours and a loss of 19.22 percent over the past week. The trading volume has also decreased today, but not much. However, the market cap has decreased by 5.49 percent.

Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed 1
DOT/USD 1-day price chart. Source: TradingView

The volatility is high for Polkadot, and the Bollinger bands are traveling downwards, which is not a good sign for the coming day. The lower limit of the Bollinger bands at $32.9 represents a support level for DOT to hold on, and the mean average at $41.9 represents the resistance zone for DOT, but it’s not relevant in the current scenario.

The relative strength index (RSI) has also stooped low to index 34. The RSI still maintains its downwards slope indicating the selling activity in the market. The moving average (MA) is present above the price level at the $38 mark.

Polkadot price analysis: Recent developments and further technical indications

The 4-hour Polkadot price analysis shows the price breakout was downwards from the start of today’s session, and most of the damage was observed during the first four hours. Thereon some bullish efforts were observed, but bearish pressure ruled out any bullish activity and continued the downtrend.

Polkadot price analysis: DOT to test support at $32, support at $33.9 already crushed 2
DOT/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart has increased as the upper Bollinger band has reached $40 and the lower band is at the $31 mark, and the mean average of the Bollinger bands is forming at the $36 mark. The MA is present at the $34 mark, and the RSI still travels further low at index 33.

Polkadot price analysis conclusion

The Polkadot price analysis shows that the coin seems to be continuing the downtrend for today. If the price comes further down, then the next support zone is present at around the $31.6 level. However, traders can expect DOT to trade above the psychological mark of $30 for today.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.